Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 245 · 40 questions

Business tip (Revenue in, profit left): Sole trader: one owner, keeps all the profit, owes the debts, simplest to start. Company: a separate legal body, owned by shareholders, run by directors, owners’ risk limited. Revenue = price × number sold. Profit = revenue − costs, so costs = revenue − profit. Teens run a business with adult help; tax and legal questions go to an adult or an expert.

1. 1.👤 A sole trader is… (a) a one-owner business (b) a school club (c) a big company (d) a bank
2. 2.A small business sells 21 potted plants at ₹10 each. Its costs are ₹140. What is its profit (in ₹)?
3. 3.📊 Revenue minus costs equals… (a) stock (b) profit (c) revenue (d) price
4. 4.🏢 Sole trader or company: one owner runs it? (a) a sole trader (b) a company
5. 5.Which of these is true of a sole trader? (a) owners’ risk is limited (b) a separate legal body (c) owner owes the debts (d) owned by shareholders
6. 6.🏢 Sole trader or company: owned by shareholders? (a) a sole trader (b) a company
7. 7.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
8. 8.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
9. 9.Which of these is true of a sole trader? (a) owned by shareholders (b) a separate legal body (c) owners’ risk is limited (d) one owner runs it
10. 10.Which of these is true of a company? (a) owned by shareholders (b) owner owes the debts (c) one owner runs it (d) simplest to start
11. 11.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
12. 12.True or false: “one owner runs it” is true of a sole trader. (a) True (b) False
13. 13.A small business selling handmade cards had a revenue of ₹420 and a profit of ₹190. What were its costs (in ₹)?
14. 14.Which of these is true of a company? (a) simplest to start (b) one owner runs it (c) owners’ risk is limited (d) owner keeps all profit
15. 15.A small business selling painted pebbles had a revenue of ₹375 and a profit of ₹355. What were its costs (in ₹)?
16. 16.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owner keeps all profit (c) a separate legal body (d) run by directors
17. 17.A small business sells 24 fruit cups at ₹40 each. What is its revenue (in ₹)?
18. 18.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
19. 19.🏢 A company is owned by… (a) its customers (b) its shareholders (c) the government always (d) its suppliers
20. 20.A small business sells 12 glasses of chai at ₹50 each. What is its revenue (in ₹)?
21. 21.A small business sells 50 friendship bands at ₹15 each. Its costs are ₹270. What is its profit (in ₹)?
22. 22.📊 Revenue or profit: revenue minus costs? (a) profit (b) revenue
23. 23.A small business sells 54 clay diyas at ₹35 each. What is its revenue (in ₹)?
24. 24.A small business sells 38 fruit cups at ₹50 each. What is its revenue (in ₹)?
25. 25.📊 Revenue or profit: left after all costs? (a) profit (b) revenue
26. 26.A small business selling glasses of chai had a revenue of ₹880 and a profit of ₹230. What were its costs (in ₹)?
27. 27.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) a separate legal body (d) owner keeps all profit
28. 28.True or false: “run by directors” is true of a sole trader. (a) False (b) True
29. 29.A small business sells 30 paper bookmarks at ₹50 each. Its costs are ₹990. What is its profit (in ₹)?
30. 30.Which of these is true of a company? (a) one owner runs it (b) owner owes the debts (c) run by directors (d) owner keeps all profit
31. 31.A small business sells 49 glasses of chai at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
32. 32.A small business sells 19 painted pebbles at ₹25 each. Its costs are ₹30. What is its profit (in ₹)?
33. 33.True or false: “owner owes the debts” is true of a company. (a) False (b) True
34. 34.🎂 Can a 14-year-old run a business on their own? (a) only at night (b) only with adult help (c) never ever (d) yes, no one needed
35. 35.A small business sells 40 clay diyas at ₹25 each. What is its revenue (in ₹)?
36. 36.🏢 Sole trader or company: owner keeps all profit? (a) a sole trader (b) a company
37. 37.A small business sells 32 jute bags at ₹40 each. Its costs are ₹200. What is its profit (in ₹)?
38. 38.A small business sells 38 fruit cups at ₹15 each. What is its revenue (in ₹)?
39. 39.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
40. 40.A small business selling painted pebbles had a revenue of ₹1025 and a profit of ₹875. What were its costs (in ₹)?

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